Sign of economic revival – Gross direct tax collections increase
Sign of economic revival – The overall direct tax receipts for the central government climbed by 30% to Rs. 8,36,225 crore in the fiscal year 2022–23, according to information released by the Ministry of Finance on Sunday. In addition, from Rs 5,68,147 crore in FY 2021–22, the net collection rose by 23% to Rs 7,00,669 crore. Until September 17, 2022, these numbers are still valid.
The statistics was used by the administration to support their assertion that the rise in collections was unmistakable evidence that the economy had recovered from the pandemic. The total direct tax collection of Rs 7,00,669 billion includes Corporation Tax (CIT) at Rs 3,68,484 crore and Personal Income Tax (PIT) and Securities Transaction Tax (STT) at Rs 3,30,490 crore (net of rebate).
Before taking into account refunds, the gross collection for the fiscal year 2022–23 is Rs 8,36,225 crore, up from Rs 6,42,287 crore the previous year. PIT with STT at Rs. 3,98,440 crore and CIT at Rs. 4,36,020 crore are included in the total revenue. The amount of tax collected on a per-minor head basis, according to the ministry, was as follows: advance tax of Rs 2,95,308 crore; tax deducted at source of Rs 4,34,740 crore; tax on self-assessment of Rs 77,164 crore; regular assessment tax of Rs 20,080 crore; and tax on other minor heads of Rs 8,933 crore.
Sign of economic revival
As of 17 September, the total advance tax revenues for the first and second quarters of the fiscal year 2022–23 were Rs 2,95,308 crore, up 17% from the advance tax collections of Rs 2,52,077 crore for the same period of the fiscal year 2021–22. According to the ministry, processing of income tax returns submitted during the current fiscal year has accelerated, with about 93% of the fully validated ITRs processed as of 17 September.
The number of refunds issued in the current fiscal year has increased by about 468% as a result of the quicker issue of refunds. The announcement read, “Refunds amounting to Rs. 1,35,556 crore have been issued in the FY 2022-23 till 17.09.2022, as against refunds of Rs. 74,140 crore issued during the similar period in the preceding Financial Year 2021-22, demonstrating an increase of over 83%.